German bank to sell Koons's Tulips

Sculpture will be displayed in Rockefeller Plaza before Christie's auction

The Norddeutsche Landesbank, one of the largest banks in Germany, is selling its Jeff Koons sculpture, Tulips, 1995-2004, from the “Celebration” series. The bank will use the proceeds to set up a foundation to promote contemporary art and cultural projects in northern Germany. “It is with a heavy heart that we are parting with Tulips,” says Gunter Dunkel, the bank’s chief executive. “But after weighing up the pros and cons, we chose [to further] creativity in our region.” The bank bought the polished steel sculpture for $2.5m in 2002. The work has been on display in the courtyard of the bank’s Hanover headquarters since 2004, and will be displayed in the Rockefeller Plaza for two weeks before being auctioned at Christie’s New York on 14 November. The price is believed to be in “excess of $20m”.

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